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Shares of Fitbit (FIT) are getting a much-needed boost on Thursday, climbing 7% after the company said it sold more than one million Blaze smartwatch devices and one million Alta fitness devices in the past month.

But "the bears have been in control of Fitbit" ever since this thing came public, pushing down the stock, lamented TheStreet's Jim Cramer.

"I've been wrong on Fitbit. I keep thinking of it as a health and wellness stock, Cramer, co-manager of the Action Alerts PLUS portfolio, said on CNBC's "Stop Trading" segment. "I think it's cheap but I've been wrong."

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Cramer thinks Fitbit deserves a higher valuation due to its strong growth, but the market bears have pushed the stock down more than 50% over the past year. He noted the "rigorous" research report by the analysts at Longbow Research, which initiated the stock with buy rating and a $20 price target. Shares currently trade around $14.

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At the time of publication, Cramer's Action Alerts PLUS had no position in companies mentioned.